Tagged: data

What is Truth or Accuracy for Appraisers? How Do We Find Accuracy? 12

What is Truth or Accuracy for Appraisers?

Are we supposed to be paid truth-seekers? The appraiser is supposed to be accurate. What is “accurate”? Dictionary meanings say accuracy is “the condition or quality of being true, correct, or exact.” Tell the truth. Can it be? Hmmm. A search for truth. OK. So how do we come to know the truth? Are we supposed to be paid truth-seekers? Cool. I read that there are four ways to “know” truth: Tradition, Authority, Insistence, and Science. Wow! Let’s look at these briefly. This sounds serious! Let’s look at USPAP and The Appraisal of Real Estate. Appraisers have long been steeped in the...

How Zestimate Works - Accuracy Is an iIsue with Zestimates 8

How Zestimate Works

Accuracy is an issue with Zestimates… I happened to find this article, which explains the processes used to generate Zillow’s Zestimate, the estimate of residential property value: Inside the Zestimate: Data Science at Zillow I found it interesting that they use the ‘R’ spreadsheet for doing some number-crunching, not Excel. ‘R’ is what George Dell has been demonstrating in his classes. But the graphs are generated by a different software. Accuracy is an issue with Zestimates, according to Zillow, per the article:  “Nationally, the median error rate is 8.3 percent, the company says.” However, they don’t define what ‘error rate’ means. Is...

Is It Possible to Prove an Adjustment 3

Is It Possible to “Prove” an Adjustment?

We read articles and advertisements on how to prove an adjustment. Is this possible? How wonderful it would be. To prove an adjustment, just push a button and bam! Out comes the correct answer. How could we have we missed this? …prove an adjustment, just push a button…Of course, if such a simplistic and exact answer was possible – anyone could push that button.  An AVM run, a BPO agent, an “evaluator”, or anyone else. Who needs all that USPAP competence and integrity stuff? Even a lender-appointed hybridized “field inspector” could just push the button. The whole process could even skip working with the licensed appraiser completely!...

Stolen Appraisals Class Action - Theft of Appraisers' Data 87

Theft of Appraisers’ Data

…they charge appraisers an upload fee for the privilege of having their data stolen… I would never allow my data to be used for or by a service that specifically uses to create, modify or enhance products designed to compete with my professional services to the detriment of my business and profession. THAT is something that the Fifth Circuit Court of Appeals identified when they found that CoreLogic’s subsidiary FNC STOLE appraisers data after promising them data security. FNC stole data. We now know FNMA also stole data. Alamode is delving into individuals own personal databases in order to even...

Smart Exchange Not So Smart - Is Smart Exchange Really a Smart Idea? 64

Is Smart Exchange Really a Smart Idea?

Alamode recently launched Smart Exchange to its users. The idea is appraisers can see what others have stated as property characteristics and transfer that information directly into your report. The system is based on mutual sharing, so if you participate, you will share all your comparable data with everyone else that is using Smart Exchange and you can see their data. The last update from alamode installed the programming and changed the way the side by side screen looks. Now I must make a disclaimer here, I am in the over 50 category and my kids are all grown. It...

Artificial Intelligence (AI), Appraisers & Buggy Whips 4

AI, Appraisers & Buggy Whips

Most of these items cannot be ‘seen’ by Artificial Intelligence models or Big Data… Appraisers, The article below in Mortgage News Daily e-newsletter on July 3, 2018, got me to pound my noggin… for a couple of seconds at least. Actually, I think I need to do it again! Artificial Intelligence (AI) and ‘Big Data’ have been buzz words (and activity) for several years. And based on evidence in this article, lots of research and development leading to incorporation of AI is being done. While the article does not mention it directly, both Freddie Mac and Fannie Mae have instituted...

MISMO Blueprint... The Evil Octopus - AppraisersBlogs 4

The Evil Octopus

Appraisers, it’s not paranoia when ‘the bastards’ really are out to get you (end us as a profession). …Find each octopus and how they relate to our jobs. Look at MISMO Directors list… An Open Letter to Appraisers: Residential & Commercial This started as a response to a blog post by a respected appraiser concerning the influence of AMCs. During drafting it was clear that trying to explain AMCs was only part of the bigger struggles we face today. Picture a violent “all in” three-way gang fight among Octopi. Say a dozen on each side. That’s 36 Octopi x 8 tentacles...

Let’s just use the Tax Assessments...Tax Values just as Accurate as AVMs? 22

Tax Values Just as Accurate as AVMs?

In a head to head contest between tax values and AVMs for use in mortgage lending, I’ll take tax assessments every time… The battles rage on to decide who will take over the automated valuation process. There are big companies lining up to take over this massive profit arena. And, make no mistake, it’s all about the money. At the end of every discussion about AVMs verses traditional appraisals, it has less to do with faster or cheaper, or better, and sadly little to do with consumer protection. It has to do with who gets the profits that will be...

Clarocity Multi Million Dollar Garbage Technology vs. Appraisers 39

Garbage Replacing Appraisers?

If appraisers were to embrace such garbage, would the demise of this technology be sooner? …14.53 million dollar loss in 2017… Hey Clarocity, Give it up. It is time to face the facts! From Clarocity Public Financial Statements: 14.53 million dollar loss in 2017 9.49 million dollar loss in 2016 13.00 million dollar loss in 2015 5.43 million dollar loss in 2014 6.82 Million dollar loss 2013 4.95 million dollar loss in 2012 0.36 million dollar loss in 2011 1.19 million dollar loss in 2010 0.86 million dollar loss in 2009 44.8 million dollar loss in 2008 The 2017 Clarocity’s...

MISMO, Appraisal Data Mining, Hybrids, and Other Fraud Facilitators 14

Who’s to Blame?

Looking at who and what MISMO Directors are, is it a surprise that FNMA included language in basic appraisal forms resulting in appraisers having infinite liability and no ownership over their own work product IF they do work for FNMA?… European Union General Data Privacy Regulations (EU GDPR) may seem like a stretch for an Appraisers Blog topic, but please bear with me. For some time now, The Appraisal Foundation has been focusing on major international valuation issues other than real estate appraisals. IVSC is one of the bigger and most detrimental misdirection’s they’ve taken as far as impact on...

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